ADVICE PLEASE, on dmp, re-mtg offered

missyp123

Hello,

please can someone tell me if this will be an issue with our creditors.

just entering a dmp ... figures in signature below.
been offered re mtg, 106k left on mtg- 135k house value.

would really want to snap this offer up before our dmp becomes an issue on credit file... not yet missed any payments with creditors.

THINKG IS... they want us to pay off hfc and lloyds as a condition and they are happy for this to be added to the mtg along with £499 fee. so mtg would be £112000.

I can only see this as a good thing as we would only be left with the nr and hsbc to sort out.

can anyone see this as being an issue, its just the new payments would be just a few pounds more and would cover two debts, and would be on repayment!!!!

please advice, thoughts, questions, anything!!!

HHH_2

I am hoping your DMP is with CCCS or Payplan or CAB if not and you are with a fee paying company stop and go with one of the above. If you are with one of the above couldnt you give them a ring and ask them if this is ok?

Merlot

Why do they want you to put those two in the mortgage, you could end up paying more back this way in interest, than if you carried on your with DMP.

Which mortgage company are you using?

Have you taken independant advice on this, try Charcoal or London and Country as Martin recommends.

missyp123

its halifax....
we feel we would be wasting much more paying the intrest only mtg were on now and trying to pay all 4 debts too.
We need to re-mtg now before its to late and our credit is ruined.

giving ccc's a call now, but i did say when we did our budget that we are looking at getting a fixed deal and nothing was said.

hope its ok with them???

thanks guys ... more for me to look into.... on it now!!!!

bank_of_slate

Of course THEY are happy for you to add the debts, Halifax are basically offering you a huge SECURED debt which is very often a bad idea.
CCCS are the best people to speak to before you lumber yourselves with this huge debt that could put your home at risk!
...Linda xx

peb

The problem the OP has is that they will not lend to her/him whilst these accounts are outstanding; so although usually we all agree it is a bad thing in this case it may be the only way to proceed. However do make sure that you have spoken with one of the brokers mentioned above to make sure it is the best deal for you.

missyp123

they will not lend to her/him whilst these accounts are outstanding; so although usually we all agree it is a bad thing in this case it may be the only way to proceed

Yes this is the case, and at the moment time is of the essence for us!

I have called ccc's and they understand the above and it wont be an issue for them, our budget wont change to much as the payments on the mtg are only £11 difference and of course the two remaining creditors will get more pm.;)

The long term plan is to save and make an offer of settlement to hsbc (£2k).
Once thats sorted nr will be getting more than half of what our original monthly repayments should be and no doubt by then we will hopefully have increased them a little too:D .

The mtg offered is fixed for 5 yrs which is suits us hugley as i start college sep, and will be in uni for 3-4 yrs for my degree. I have also found out that i get burseries for nursing and midwifery each year too.:T

SOOOOO after the 5 years fixed is up i will be earning £25K + and we will make sure NR get a big wedge up the backside:D .

Bismarck

bank_of_slate wrote: »

Of course THEY are happy for you to add the debts, Halifax are basically offering you a huge SECURED debt which is very often a bad idea.
CCCS are the best people to speak to before you lumber yourselves with this huge debt that could put your home at risk!
...Linda xx

Just what I was thinking BUT if it's the only way forward for now then what option is there?

What the OP really needs to look at is the long-term affordability of the new consolidated mortgage payment...how secure is the employment...are there any factors that could impact on medium/long term earnings and commitments that could make affordability an issue.

missyp123

The new payment is only £11 more than we pay now, currently were on intrest only.

I'm not employed at the moment and am looking for evening work to fit in with my daughter and college. So soon there will be more money coming in.

My husband has been in his job over 7 yrs and there is no reason to think his job would be in question.

No more children either!!!

:A Thankyou for all your comments i have been given allot to think about and check up on, ill keep you posted.

bank_of_slate

If it is the right thing to do then great, I just want to make sure you have explored ALL options and are able to make a fully informed decision that's best for you and your situation and don't do it simply because a bank put an offer your way (or pressurised you) that seemed like an attractive way out at the time.
...Linda xx